Higher sales prices. Lower inventory. That general trend has continued for a decade now in Jackson Hole, leading to another record year of sales volume in 2019.
But what was different last year that might be of interest to current buyers and sellers? Let’s look at the Jackson Hole Sotheby’s International Realty Year End 2019 Market Report to find out.
Unlike 2018, the Number of Units Sold Decreased in 2019
Yes, overall real estate sales volume in Jackson Hole rose slightly to record levels in 2019, but unlike 2018, the number of actual units sold declined by 3.4% due to low inventory. While the average sales price of single-family homes increased by 8.9% last year, the number of units sold decreased by 9.1%.
Condos Were a Bright Spot for Buyers
For buyers looking for value, at least compared to the rest of the market, the average sales price of Jackson Hole condos and townhomes fell slightly, by 1.2%, in 2019. By contrast, that price rose by 13.4% the year before. Perhaps due to the low inventory of homes, the number of condos sold in the Town of Jackson jumped by nearly 37 percent in 2019.
Land and Ranch Sales Were Flat
With limited inventory amid the fact that Jackson Hole consists of about 97% public land, just 13.4% of transactions in 2019 were from land or ranches. The sales numbers were nearly identical to last year, with 69 units sold vs. 65 units sold in 2018, and a negligible 0.18% decrease in average sales price year-over-year.
Sales Prices Didn’t Explode Like They Did in 2018
2018 was a tough act to follow, but we didn’t see the same increases in average sales prices across the main real estate categories in 2019.
In 2018, average sales prices increased by a range of 9.4% to 22% across the single-family homes, condos & townhomes, and land & ranch categories. Last year, the only increase in average sales price in any category was the aforementioned 8.9% increase in single-family homes.
Does this suggest the Jackson Hole real estate market is peaking? Not necessarily. We saw actual drops in overall real estate sales volume in 2014 and 2016, only to see it rebound in following years, sometimes with great intensity.
These trends are certainly worth keeping an eye on if you’re looking to buy or sell. If you would like a Jackson Hole realtor to provide a custom market assessment based on your needs, please email us at firstname.lastname@example.org or call 307-739-8190.